XRG Executive Chairman Sultan Ahmed Al Jaber said at Argentina Week in Paris on October 1 that the company supports Argentina’s ambition to become a global liquefied natural gas supplier. XRG’s statement describes the first phase of the Argentina LNG project, being developed with YPF and Eni, as designed for 12 million tonnes per annum of capacity. That is a project target, not current production and not confirmation that a final investment decision has been taken. The statement points to the scale of the Vaca Muerta shale oil and gas resources, changes to Argentina’s investment framework and the partners’ execution capabilities as reasons for its confidence. XRG did not disclose the value of its investment in the statement. The expression of support should therefore not be reported as a new financial commitment or a specified financing amount.

The company presents the first phase as part of a larger Argentina LNG development involving YPF and Eni. In a prior announcement, XRG and Eni said in June 2026 that each had signed agreements to acquire a 32% interest in three YPF-operated blocks in Vaca Muerta, with YPF retaining 36%; completion remains subject to customary regulatory approvals. Those blocks are expected to supply gas to the LNG project. The October statement does not say the upstream acquisitions have completed, so the conditional transactions must be kept distinct from the project’s long-term LNG ambition. XRG described YPF’s Vaca Muerta operating experience, Eni’s floating LNG delivery experience in Mozambique and XRG’s long-term capital and global market reach as complementary roles. These are the company’s descriptions of the partnership, not a guarantee that the project will be delivered on schedule or at the proposed scale.

During Argentina Week, Al Jaber met President Javier Milei and joined a panel with YPF and Eni executives. XRG said reforms associated with Argentina’s RIGI investment framework could improve predictability for capital-intensive projects. It also said Argentina LNG could support more than 40,000 jobs and return billions of dollars to the Argentine economy. These are projections and company estimates while the project has not reached final investment approval, construction or operations; they are not realized employment or revenue. The release gives the 12 mtpa first-phase capacity target but does not provide a financing plan, final investment decision date, number of facilities or start date for exports. The announcement is therefore principally an update on the partners’ backing and the expected scale of the opportunity. Any account of the project should preserve the difference between the stated design capacity, the conditional upstream agreements and future economic estimates.